Jennison Associates LLC grew its holdings in shares of resTORbio, Inc. (NASDAQ:TORC) by 95.4% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,154,230 shares of the company’s stock after purchasing an additional 1,051,944 shares during the period. Jennison Associates LLC owned approximately 7.68% of resTORbio worth $32,615,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in TORC. Bank of New York Mellon Corp grew its holdings in shares of resTORbio by 76.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 21,693 shares of the company’s stock worth $199,000 after acquiring an additional 9,413 shares during the period. Wedbush Securities Inc. acquired a new stake in shares of resTORbio in the 2nd quarter worth approximately $236,000. Alps Advisors Inc. acquired a new stake in shares of resTORbio in the 2nd quarter worth approximately $372,000. SCP Investment LP acquired a new stake in shares of resTORbio in the 2nd quarter worth approximately $893,000. Finally, Deltec Asset Management LLC acquired a new stake in shares of resTORbio in the 2nd quarter worth approximately $2,509,000. Institutional investors own 40.32% of the company’s stock.
A number of equities research analysts recently weighed in on TORC shares. Zacks Investment Research upgraded resTORbio from a “hold” rating to a “buy” rating and set a $16.00 price target on the stock in a report on Tuesday, July 31st. ValuEngine upgraded resTORbio from a “hold” rating to a “buy” rating in a report on Thursday, November 1st. Finally, Evercore ISI restated an “in-line” rating on shares of resTORbio in a report on Wednesday, August 1st. One analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average target price of $26.20.
resTORbio (NASDAQ:TORC) last announced its earnings results on Tuesday, November 13th. The company reported ($0.30) EPS for the quarter, beating analysts’ consensus estimates of ($0.51) by $0.21. Equities research analysts forecast that resTORbio, Inc. will post -1.71 earnings per share for the current year.
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resTORbio Company Profile
resTORbio, Inc, a clinical-stage biopharmaceutical company, focuses on the development and commercialization of novel therapeutics for the treatment of aging-related diseases. Its lead program is targeting the selective inhibition of TORC1, an evolutionary conserved pathway that contributes to the decline in function of multiple organ systems, including the immune, cardiac, and neurologic systems.
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